Ithaca Energy (LON:ITH) Shares Up 0.5% – Should You Buy?

Ithaca Energy plc (LON:ITH) shot up 0.5% on Wednesday . The company traded as high as GBX 248.60 and last traded at GBX 247.20. 13,370,237 shares were traded during mid-day trading, an increase of 129% from the average session volume of 5,829,544 shares. The stock had previously closed at GBX 246.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group restated a “buy” rating and issued a GBX 210 target price on shares of Ithaca Energy in a research note on Wednesday, May 20th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Ithaca Energy presently has an average rating of “Buy” and a consensus price target of GBX 205.

Ithaca Energy Stock Performance

The business has a 50 day moving average price of GBX 253.93 and a two-hundred day moving average price of GBX 215.30. The stock has a market cap of £4.07 billion, a PE ratio of -48.35 and a beta of 0.31.

Insider Buying and Selling at Ithaca Energy

In other news, insider Iain Clifford Scobbie Lewis sold 31,811 shares of the business’s stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of GBX 285, for a total value of £90,661.35. 0.19% of the stock is owned by insiders.

About Ithaca Energy

Ithaca Energy is a leading UK independent exploration and production company focused on the UK North Sea with a strong track record of material value creation. In recent years, the Company has been focused on growing its portfolio of assets through both organic investment programmes and acquisitions and has seen a period of significant M&A driven growth centred upon two transformational acquisitions.

Today, Ithaca Energy is one of the largest independent oil and gas companies in the United Kingdom Continental Shelf (the “UKCS”), with stakes in six of the ten largest fields in the UKCS and two of UKCS’s largest pre-development fields.